I currently hold a B2 visa but would like to change my visa status to P1 as I'm part of a musical/entertainer group. If my P1 visa application is denied, can I still keep and use my B2 visa that for future visits to the USA (this visa expires in 2014)?. Thanks in advance for your help.
Your question is vague. If you want to change status, yes the status will change but if you are talking about the visa itself, once you get the P1 visa the B1 will be terminated. If you do not get the Visa, the B1 is not automatically terminated. However, based on intent they might deny you entry.
Talk to a good lawyer before anything is done.
Note: The above is provided for informational purpose only, one should not act or refrain to act just on the information provided. No attorney-client relationship is created unless a retainer is signed.